1月13日，浦发银行发布2025年度业绩快报。截至2025年末，该行资产总额突破10万亿元，达10.08万亿 元，较上年末增加6198.66亿元，增幅为6.55%。 2025年度，浦发银行实现营业收入1739.64亿元，同比增加32.16亿元，增幅1.88%；实现归属于母公司 股东的净利润500.17亿元，同比增加47.60亿元，增幅10.52%；归属于母公司股东的扣除非经常性损益 的净利润为501.44亿元，同比增加59.37亿元，增幅13.43%。 （文章来源：证券时报） 据了解，该行2025年度经营效益增长主要得益于多个方面，包括持续强化重点赛道、重点区域与新质生 产力行业的信贷投放，推动信贷资产实现质的有效提升和量的合理增长。浦发银行强化主动资产负债管 理，优化资产结构，提升资金使用效率，拓展高质量负债来源，付息成本下降显著，净息差实现趋势企 稳。 此外，在资产质量方面，浦发银行2025年不良贷款余额、不良贷款率实现"双降"。报告期末，该行不良 贷款余额为719.90亿元，较上年末减少11.64亿元；不良贷款率1.26%，较上年末下降0.10个百分点；拨 备覆盖率200.72%，较上年末上升13.76 ...

Core Viewpoint - The State Council has issued the "Comprehensive Solid Waste Management Action Plan," marking China's first systematic document for solid waste management, focusing on "reduction, resource utilization, and harmlessness" to support green transformation in economic and social development [1][2]. Comprehensive Governance System - The Action Plan, drafted by 25 departments, outlines 10 key measures and sets quantitative goals for the next five years, aiming for significant improvements in solid waste management by 2030, including controlling historical waste stockpiles and increasing comprehensive utilization of major solid waste to 4.5 billion tons annually [2]. - The plan emphasizes a full-chain governance approach, integrating existing management methods and enhancing policy measures to shift from end-of-pipe treatment to comprehensive prevention [2][4]. Targeted Strategies - Different strategies will be implemented for various sectors, with a focus on industrial, urban, and agricultural waste. The plan aims to reduce both the generation and accumulation of industrial solid waste, targeting a 60% remediation of historical waste sites by 2030 [4]. - In urban and agricultural sectors, measures include promoting green construction practices and enhancing the management of construction waste, with plans to expand "waste-free city" initiatives to around 200 cities by 2027 [5]. Implementation Assurance - The Action Plan includes five key measures to ensure effective implementation, such as clarifying responsibilities, enhancing regulatory frameworks, and utilizing technology for comprehensive monitoring [6]. - The government will adopt a market-driven approach, leveraging investment, technology, and tax incentives to promote sustainable business models in solid waste management [7].

在替代项目评估阶段，东北制药创新性地建立了以"关键性、经济性、依赖性"为核心的多维评估模型， 严格执行技术对标与样品验证，确保了每一件替代备件的质量可靠。经过一年的不懈努力，东北制药国 产化替代工作取得显著成效。截至目前，团队已成功完成173项进口备件的国产化替代，累计创造经济 效益超200万元。一批曾经制约生产的"卡脖子"备件相继被攻克，不仅大幅降低了采购成本，更将关键 备件采购周期大幅缩短，为生产线的连续、稳定运行提供了坚实保障，有效增强了供应链的韧性与安 全。 在全力攻克进口替代难题的同时，东北制药同步深化内部挖潜，将国产化替代与全员创新紧密结合，广 泛开展修旧利废与技术革新活动。去年全年，公司累计完成修旧利废项目1081项、小改小革759项，不 仅有效优化了设备性能、提升了运行效率，更节约维修与配件费用超过220万元。这些内部挖潜举措与 进口备件国产化工作形成了有效协同，共同构筑起"重点攻关"与"全员改善"双轮驱动的创新生态，既解 决了生产实际问题，又培养了一批懂技术、善钻研的技能型人才，让自主创新的文化在基层一线蔚然成 风。 作为制造企业的"硬脊梁"，稳定高效的装备体系是保障产品质量、提升生产效率、 ...

Company Overview - Dazhu CNC (301200) forecasts a net profit attributable to shareholders of 785 million to 885 million yuan for 2025, representing a year-on-year increase of 160.64% to 193.84% [1] - The company specializes in the research, production, and sales of PCB (Printed Circuit Board) specialized equipment, covering key processes such as lamination, drilling, exposure, forming, and inspection [1] Performance Drivers - The primary driver of the profit growth is the increasing investment in global AI computing center infrastructure, leading to strong demand for high multilayer boards and high-density interconnect (HDI) boards used in AI servers and high-speed switches [1][2] - The demand surge has significantly boosted the capacity expansion efforts of downstream PCB manufacturing companies, resulting in a substantial increase in the market size for PCB specialized processing equipment [1] Industry Trends - Since 2025, both domestic and international cloud solution providers have been ramping up investments in computing centers, sustaining strong demand for AI computing data center servers, switches, and optical modules [2] - The PCB industry is expected to benefit directly, with a rapid increase in demand for high multilayer boards and HDI boards, as forecasted by industry research firm Prismark, which estimates a 15.4% revenue growth and a 9.1% production growth for the PCB industry in 2025 [2] - The compound annual growth rate for capacity related to AI servers and switches is projected to be as high as 22.1% and 17.7% from 2024 to 2029, respectively [2] Strategic Initiatives - The company is continuously optimizing its equipment solutions to empower downstream PCB manufacturers to overcome production technology bottlenecks associated with the complex designs of AI server end customers [2] - Dazhu CNC aims to provide high-reliability processing solutions that meet the increasing demands for high thickness-to-diameter ratios, stricter impedance tolerances, and enhanced signal integrity and electrical performance for AI servers [2]

Core Insights - The "Investment Qilu Win-Win Future" high-quality development capital docking event was held in Jinan, aiming to build a bridge between industry and capital [1] - The event showcased 150 quality investment projects from Shandong Province, covering strategic emerging industries such as artificial intelligence, high-end equipment manufacturing, new energy materials, and biomedicine [1] - A total of 37 funds signed agreements with 13 projects, with a total scale exceeding 34.7 billion yuan, injecting strong capital momentum into Shandong's transformation and upgrading of its economy [1] Group 1 - The event included multiple segments such as project roadshows, capital docking, and investment discussions, attracting 380 participants including representatives from 7 national funds and 117 domestic private equity investment institutions [1] - Shandong's Vice Governor Zhang Haibo invited entrepreneurs and investors to focus on industrial upgrades and share the benefits of the province's economic transformation [1] - The event was organized by the Shandong Provincial Development and Reform Commission and the Shandong Securities Regulatory Bureau, coinciding with the release of a policy document aimed at promoting high-quality development of venture capital in Shandong [2]

容百科技(688005)与宁德时代（300750）签署305万吨磷酸铁锂大单，总销售金额超1200亿元。 在产品工艺方面，容百科技生产流程由15道缩短至6道，投资成本降低约40%，能耗降低约30%；除此 之外，公司已在北美地区投资磷酸铁锂电池回收项目，即使在碳酸锂价格较低的情况下，也能实现盈 利。 面对宁德时代的巨额订单，容百科技在产能上是否已经做好准备？公司指出，接单的信心来自于自身技 术研发和对外并购整合。 2025年12月，容百科技宣布拟斥资3.42亿元收购贵州新仁新能源科技有限公司(下称"贵州新仁")部分股 权，并以1.4亿元对后者增资，交易完成后将持有贵州新仁93.2%股份。资料显示，贵州新仁拥有年产6 万吨磷酸铁锂产线且具备快速扩产潜力，后续容百科技会将自身新型技术在贵州新仁的产线上快速放 大，实现磷酸铁锂的规模化生产。 1月13日晚间，容百科技发布公告，公司与宁德时代签署《磷酸铁锂正极材料采购合作协议》，自2026 年第一季度开始至2031年，预计将向宁德时代国内区域供应磷酸铁锂正极材料305万吨，总销售金额超 1200亿元，预计将对公司未来经营业绩产生积极且重要的影响。 作为三元材料头部企业， ...

Core Viewpoint - The Ministry of Industry and Information Technology has released the "Action Plan for Promoting the High-Quality Development of Industrial Internet Platforms (2026-2028)", aiming for significant advancements in the industrial internet platform ecosystem by 2028 [1][2] Group 1: Development Goals - By 2028, over 450 influential industrial internet platforms are expected to be established, with a focus on a multi-layered platform system that includes specialized, industry-specific, and collaborative platforms [1] - The number of connected industrial devices is projected to exceed 120 million, with platform penetration rates reaching over 55% [1] - The plan emphasizes the enhancement of data value, model accumulation, and artificial intelligence application capabilities within key platforms [1] Group 2: Strategic Focus Areas - The action plan promotes differentiated development among platforms, encouraging companies to focus on quality and efficiency rather than sheer scale [1] - It highlights the empowering role of artificial intelligence, leveraging existing advantages in industrial data aggregation and application ecosystem cultivation to seize innovation opportunities in "AI + manufacturing" [1] - The plan stresses the importance of application scenarios as a bridge between technology and industry, aiming to enhance service capabilities and promote deeper integration of information technology and industrialization [2]

1月13日至14日，瑞银集团在上海举办第26届瑞银大中华研讨会(GCC)。本届研讨会以"新前沿：识变 局，谋增长"为主题，与会者超过3600名，包括2300余位来自全球的机构投资者、主权财富基金管理 人、家族办公室代表等。 瑞银集团首席执行官安思杰(Sergio P.Ermotti)在会上表示，来自海外的客户人数有所增加，彰显亚太地 区的重要地位以及投资者对中国市场的关注度在提升。"中国是瑞银集团的战略市场之一。中国经济展 现了韧性，在先进制造、人工智能等领域不断释放的创新动能及其稳步提升的资本市场全球影响力，为 全球投资者带来了新的机遇。" "2025年，全球在创新发展、政治动荡与市场意外之间并行交织。聚焦亚太与中国，他们不仅是全球故 事的参与者，更在书写下一个崭新篇章。"安思杰认为，亚太区有望抓住人工智能(AI)带来的新一轮红 利——中国科技板块于2025年加速创新，在AI价值链各层面都取得了显著进展。中国的新AI模型展现 了技术方面的领先地位，支持性政策则正在强化生态系统的韧性。 他还提到，亚太区依然是瑞银实现增长的关键市场，未来五年北美与大中华区有望成为全球财富创造的 最强引擎。2025年，瑞银在亚太 ...

Group 1 - The Hong Kong real estate market experienced a significant turnaround in 2025, with a record high of HKD 138 billion in residential purchases by mainland buyers, contributing to a 14.1% year-on-year increase in transaction volume to 13,900 units [1] - Mainland buyers showed a strong preference for new properties, with nearly 60% of their investments directed towards first-hand properties, driven by Hong Kong's status as a hub for asset allocation and educational resources [1] - The demand for high-end properties, particularly those priced above HKD 50 million, is notably high among mainland clients, who accounted for nearly 70% of such purchases, indicating a trend where higher-priced properties attract a larger proportion of mainland buyers [2] Group 2 - The luxury property market in Hong Kong is expected to see a significant increase in transaction volumes, with first-hand luxury sales projected to rise by 50% and second-hand luxury sales by 60% in 2026, supported by factors such as the scarcity and high value retention of luxury properties [2] - The residential price index in Hong Kong has rebounded over 4% since March 2025, with an expected further increase of about 5% by the end of 2026, driven by multiple factors including wealth effects from stock market performance and sustained interest from mainland buyers [3] - The influx of mainland technology companies investing over HKD 10 billion in core office spaces in Hong Kong reflects the growing business opportunities and the impact of favorable talent recruitment policies [2]

Group 1 - The commodity market experienced a broad increase, with spot gold and silver prices reaching historical highs, while both WTI and Brent crude oil saw significant gains [1] - Spot gold peaked at $4634.58 per ounce, and spot silver surged over 4%, surpassing the $89 per ounce mark. COMEX silver also hit a new high of $89.215 per ounce [1] Group 2 - The U.S. Bureau of Labor Statistics reported that the Consumer Price Index (CPI) for December 2025 rose by 2.7% year-on-year, matching the previous month's increase but exceeding market expectations [4] - The core CPI, excluding volatile food and energy prices, increased by 0.2% month-on-month and showed a year-on-year growth of 2.6% before seasonal adjustments [4] - Following the CPI data release, traders increased bets on an earlier interest rate cut by the Federal Reserve, with the probability of a rate cut in April rising to approximately 42% from 38% prior to the data [4] - However, market analysts believe that the CPI data is not sufficient to prompt an immediate rate cut by the Federal Reserve, as officials may seek more evidence of stabilizing inflation before making a decision [4] Group 3 - President Trump announced that any country conducting business with Iran will face a 25% tariff on any commercial dealings with the U.S., stating this decision is "final" and "effective immediately" [5]